GBP/USD pares losses after Bean remarks on U.K. growth

Share:

NEW YORK (Forex News Now) – Sterling pared losses against the U.S. dollar on Wednesday, after Bank of England Deputy Governor Charles Bean described Britain’s growth in the third quarter as surprising strong.

In European afternoon currency market trading, GBP/USD hit 1.5826, down 0.11 percent on the day, after rising from a daily low of 1.5758.

“The last two quarters have been somewhat stronger than one might have expected,” Reuters quoted Bean as saying at an event in London.

According to GBP USD analysis, cable was likely to touch support around the low of Oct. 20, 1.565, and encounter resistance around the high of Oct. 15, 1.6107.

Sterling’s gains came ahead of a key report on U.S. durable goods orders, a leading indicator of production. FX traders, meanwhile, also awaited a report on new U.S. home sales.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.